Terms Used In Utah Code > Title 31A > Chapter 23a > Part 6 - Managing General Agents

• Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
• Business entity: means an entity, sole proprietorship, or individual:
       (1)(a) including a claimant, estate, or trust; and
       (1)(b) under which or by whom business is conducted or transacted. See Utah Code 63N-2-202
• business entity: includes a nonprofit entity. See Utah Code 63N-2-103
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Claimant: means a resident or nonresident person that has:
       (2)(a) Utah taxable income as defined in Section 59-7-101; or
       (2)(b) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information. See Utah Code 63N-2-202
• Commercial or industrial zone: means an area zoned agricultural, commercial, industrial, manufacturing, business park, research park, or other appropriate business related use in a general plan that contemplates future growth. See Utah Code 63N-2-103
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means an insurance corporation, except when referring to:
            (34)(a)(i) a corporation doing business:

                 (34)(a)(i)(A) as:

                      (34)(a)(i)(A)(I) an insurance producer;

                      (34)(a)(i)(A)(II) a surplus lines producer;

                      (34)(a)(i)(A)(III) a limited line producer;

                      (34)(a)(i)(A)(IV) a consultant;

                      (34)(a)(i)(A)(V) a managing general agent;

                      (34)(a)(i)(A)(VI) a reinsurance intermediary;

                      (34)(a)(i)(A)(VII) a third party administrator; or

                      (34)(a)(i)(A)(VIII) an adjuster; and

                 (34)(a)(i)(B) under:

                      (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

                      (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or

                      (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
            (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
• County applicant: means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204. See Utah Code 63N-2-202
• Development zone: means an economic development zone created under Section 63N-2-104. See Utah Code 63N-2-103
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Estate: means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates. See Utah Code 63N-2-202
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executive director: means the executive director of the office. See Utah Code 63N-1a-102
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Form: means one of the following prepared for general use:
            (74)(a)(i) a policy;
            (74)(a)(ii) a certificate;
            (74)(a)(iii) an application;
            (74)(a)(iv) an outline of coverage; or
            (74)(a)(v) an endorsement. See Utah Code 31A-1-301
• Full-time employee: means an employment position that is filled by an employee who works at least 30 hours per week and:
       (6)(a) may include an employment position filled by more than one employee, if each employee who works less than 30 hours per week is provided benefits comparable to a full-time employee; and
       (6)(b) may not include an employment position that is shifted from one jurisdiction in the state to another jurisdiction in the state. See Utah Code 63N-1a-102
• GOEO: means the Governor's Office of Economic Opportunity. See Utah Code 63N-1a-102
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• High paying job: means a newly created full-time employee position where the aggregate average annual gross wage of the employment position, not including health care or other paid or unpaid benefits, is:
       (8)(a) at least 110% of the average wage of the county in which the employment position exists; or
       (8)(b) for an employment position related to a project described in Chapter 2, Part 1, Economic Development Tax Increment Financing, and that is located within the boundary of a county of the third, fourth, fifth, or sixth class, or located within a municipality in a county of the second class and where the municipality has a population of 10,000 or less:

            (8)(b)(i) at least 100% of the average wage of the county in which the employment position exists; or

            (8)(b)(ii) an amount determined by rule made by the office in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if the office determines the project is in a county experiencing economic distress. See Utah Code 63N-1a-102
• Incremental job: includes a full-time employment position where the employee is hired:
            (9)(b)(i) directly by a business entity; or
            (9)(b)(ii) by a professional employer organization, as defined in Section 31A-40-102, on behalf of a business entity. See Utah Code 63N-1a-102
• Individual: means a natural person. See Utah Code 31A-1-301
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
            (103)(a)(i) a policyholder;
            (103)(a)(ii) a subscriber;
            (103)(a)(iii) a member; and
            (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
• Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:
       (4)(a) a risk retention group as defined in:

            (4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Local government entity: means a county, city, or town. See Utah Code 63N-2-103
• Managing general agent: means a person that:
            (6)(a)(i) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;
            (6)(a)(ii) acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;
            (6)(a)(iii) produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:

                 (6)(a)(iii)(A) with or without the authority;

                 (6)(a)(iii)(B) separately or together with an affiliate; and

                 (6)(a)(iii)(C) directly or indirectly; and
            (6)(a)(iv)

                 (6)(a)(iv)(A) adjusts or pays claims in excess of an amount determined by the commissioner; or

                 (6)(a)(iv)(B) negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102
• Minority leader: See Floor Leaders
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Municipal applicant: means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204. See Utah Code 63N-2-202
• New commercial project: means an economic development opportunity that:
       (5)(a) involves a targeted industry;
       (5)(b) is located within:

            (5)(b)(i) a county of the third, fourth, fifth, or sixth class; or

            (5)(b)(ii) a municipality that has a population of 10,000 or less and the municipality is located within a county of the second class; or
       (5)(c) involves an economic development opportunity that the commission determines to be eligible for a tax credit under this part. See Utah Code 63N-2-103
• New state revenue: means the state revenue collected from a business entity or a business entity's employees during a calendar year minus the baseline state revenue calculation. See Utah Code 63N-1a-102
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Person: includes :
       (146)(a) an individual;
       (146)(b) a partnership;
       (146)(c) a corporation;
       (146)(d) an incorporated or unincorporated association;
       (146)(e) a joint stock company;
       (146)(f) a trust;
       (146)(g) a limited liability company;
       (146)(h) a reciprocal;
       (146)(i) a syndicate; or
       (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
• Policy: includes a service contract issued by:
            (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
            (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
            (150)(b)(iii) a corporation licensed under:

                 (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or

                 (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
• Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
• Premium: includes , however designated:
            (156)(b)(i) an assessment;
            (156)(b)(ii) a membership fee;
            (156)(b)(iii) a required contribution; or
            (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Property insurance: means insurance against loss or damage to real or personal property of every kind and any interest in that property:
            (160)(a)(i) from all hazards or causes; and
            (160)(a)(ii) against loss consequential upon the loss or damage including vehicle comprehensive and vehicle physical damage coverages. See Utah Code 31A-1-301
• Quorum: The number of legislators that must be present to do business.
• Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
• Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
• Remote work opportunity: means a new commercial project that:
       (6)(a) does not require a physical office in the state where employees associated with the new commercial project are required to work; and
       (6)(b) requires employees associated with the new commercial project to:

            (6)(b)(i) work remotely from a location within the state; and

            (6)(b)(ii) maintain residency in the state. See Utah Code 63N-2-103
• Security: means a:
            (176)(a)(i) note;
            (176)(a)(ii) stock;
            (176)(a)(iii) bond;
            (176)(a)(iv) debenture;
            (176)(a)(v) evidence of indebtedness;
            (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
            (176)(a)(vii) collateral-trust certificate;
            (176)(a)(viii) preorganization certificate or subscription;
            (176)(a)(ix) transferable share;
            (176)(a)(x) investment contract;
            (176)(a)(xi) voting trust certificate;
            (176)(a)(xii) certificate of deposit for a security;
            (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
            (176)(a)(xiv) commodity contract or commodity option;
            (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
            (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• Significant capital investment: means an investment in capital or fixed assets, which may include real property, personal property, and other fixtures related to a new commercial project that represents an expansion of existing operations in the state or that increases the business entity's existing workforce in the state. See Utah Code 63N-2-103
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• State revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions:
       (12)(a) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
       (12)(b) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information;
       (12)(c) Title 59, Chapter 10, Part 2, Trusts and Estates;
       (12)(d) Title 59, Chapter 10, Part 4, Withholding of Tax; and
       (12)(e) Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102
• Statewide economic development strategy: means the economic development strategy developed by the commission in accordance with Section 63N-1a-202. See Utah Code 63N-1a-102
• Statute: A law passed by a legislature.
• Subcommittee: means the Women in the Economy Subcommittee created in Section 63N-1b-402. See Utah Code 63N-1b-401
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102
• Tax credit: means an economic development tax credit created by Section Utah Code 63N-2-103
• tax credit: means a tax credit that a business entity may:
       (6)(a) claim:

            (6)(a)(i) as provided by statute; and

            (6)(a)(ii) in an amount that does not exceed the business entity's tax liability for a taxable year under:

                 (6)(a)(ii)(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

                 (6)(a)(ii)(B) Title 59, Chapter 10, Individual Income Tax Act; and
       (6)(b) carry forward or carry back:

            (6)(b)(i) if allowed by statute; and

            (6)(b)(ii) to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under:

                 (6)(b)(ii)(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

                 (6)(b)(ii)(B) Title 59, Chapter 10, Individual Income Tax Act. See Utah Code 63N-2-202
• Tax credit certificate: means a certificate issued by the office that:
       (10)(a) lists the name of the business entity to which the office authorizes a tax credit;
       (10)(b) lists the business entity's taxpayer identification number;
       (10)(c) lists the amount of tax credit that the office authorizes the business entity for the taxable year; and
       (10)(d) may include other information as determined by the office. See Utah Code 63N-2-103
• Terminate: means :
       (14)(a) the cancellation of the relationship between:

            (14)(a)(i) an individual licensee or agency licensee and a particular insurer; or

            (14)(a)(ii) an individual licensee and a particular agency licensee; or
       (14)(b) the termination of:

            (14)(b)(i) an individual licensee's or agency licensee's authority to transact insurance on behalf of a particular insurance company; or

            (14)(b)(ii) an individual licensee's authority to transact insurance on behalf of a particular agency licensee. See Utah Code 31A-23a-102
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Trust: means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates. See Utah Code 63N-2-202
• Written agreement: means a written agreement entered into between the office and a business entity under Section Utah Code 63N-2-103